Combined Assurance Strategy in Sharia Audit for Detecting Hifz al-Mal Violations in Islamic Financing

St Hafsah Umar

Authors

St Hafsah Umar Universitas Islam Negeri Alauddin Makassar, Indonesia

Keywords:

Combined Assurance, Hifẓ al-Māl, Islamic Financing, Sharia Audit, Sharia Supervisory Board

Abstract

The growth trajectory of Indonesia’s Islamic banking sector continues to reflect a positive trend; however, the industry remains confronted with critical challenges related to sharia non-compliance, particularly within financing instruments such as murābaḥah, muḍārabah, mushārakah, and ijārah. Various forms of non-compliance have emerged at both administrative and substantive levels, indicating potential violations of the ḥifẓ al-māl principle within the framework of maqāṣid al-sharīʿah. This study aims to explore and conceptualize an effective sharia audit strategy to detect such irregularities by proposing a four-pillar auditing model that integrates: (1) fatwa- and PSAK-based checklist mechanisms, (2) a combined assurance approach between the Sharia Supervisory Board and internal audit units, (3) strengthened professional competence and auditor scepticism, and (4) risk-based audit mapping. Employing a descriptive qualitative design through systematic library research, the study synthesizes primary regulatory texts and recent empirical scholarship using thematic classification and content analysis. The findings indicate that sharia auditing practices which remain focused on administrative compliance are insufficient for identifying substantive deviations. Consequently, a risk-oriented, collaborative, and maqāṣid-driven audit framework is required to ensure the protection and preservation of transactional value. This research contributes to the development of an operational and value-based sharia audit model that can support internal policy implementation within Islamic financial institutions and serve as an academic foundation for enhancing national sharia auditing standards.

References

Abdullah, A., & Asyraf, W. D. (2020). The effectiveness of Shariah audit in Islamic financial institutions: Evidence from Malaysia. Journal of Islamic Accounting and Business Research, 11(4), 901–921. https://doi.org/10.1108/JIABR-10-2018-0169

Abdullah, Y., & Nugraha, A. W. (2020). IMPLEMENTASI AKUNTABILITAS BERDASARKAN PADA PERSPEKTIF SHARIA ENTERPRISE THEORY ( Studi Kasus pada Koperasi Syariah Mumtaz Tasikmalaya ). 5(2), 77–88. https://doi.org/10.37058/jes.v5i2.2073

Al-Umar, & Mansor, N. (2023). Substantive versus documentary shariah compliance in Islamic financing. Journal of Islamic Accounting and Business Research, 14(5), 765–782, 14(5), 765–782. https://doi.org/https://doi.org/10.1108/JIABR-06-2022-0204

Al-Ustadzi, J. I., & Ainirrohmah, S. (2024). Analisis Standar Audit AAOIFI terhadap Pengelolaan Keuangan Syariah: Systematic Literature Review. Musytari: Jurnal Manajemen, Akuntansi, dan Ekonomi, 5(11), 91–100. https://doi.org/0.8734/mnmae.v1i2.359

Amelia, P. (2024). Efektivitas Sistem Pengawasan Audit Syariah dalam Meningkatkan Kinerja Lembaga Keuangan Syariah. Sejurnal.com.

Amiruddin, Wahab, A., & Mardianto, D. (2025). The Role of Shariah Governance in Ensuring Ethical Economic Practices. EAJMR East Asian Journal Multidiscpilinatu Research, 4(7). https://doi.org/https://doi.org/10.55927/eajmr.v4i7.295

Antonio, M. S. (2019). Islamic agency relations in financing. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 76–94. https://doi.org/https://doi.org/10.1108/IMEFM-01-2019-0011

Anwar, M. N., & Hidayat, R. (2020). Analisis Kualitatif Terhadap Peran Auditor Syariah Dalam Menjamin Kepatuhan Syariah Pada Lembaga Keuangan Syariah. Open Journal Unimal, 2(5).

Auda, J. (2008). Maqasid al-Shariah as philosophy of Islamic law: A systems approach. IIIT.

Azmi, A. C. (2017). DISCLOSURE OF SHARI ’ AH NON-COMPLIANCE INCOME. 18, 45–58. https://www.ijbs.unimas.my/volume-11-20/volume-18-s1-2017/325-disclosure-of-shari-ah-non-compliance-income-by-islamic-banks-in-malaysia-and-bahrain

Djumadi, Syah, A., Hamida, Mujahidin, & Kamiruddin. (2025). Critical Review of Murābaḥah Financing in Contemporary Islamic Banking: A Maqāṣid al-Sharī‘ah Perspective. MILRev Metro Islamic Law Review, 4(2), 1152–1188. https://doi.org/https://doi.org/10.32332/milrev.v4i2.11087

Dusuki, A., & Bouheraoua, S. (2011). The framework of Maqasid al-Shariah in Islamic finance.

Elga, Tasya, M. (2025). AUDIT SYARIAH DALAM LEMBAGA KEUANGAN SYARIAH. 9(7), 82–89. https://doi.org/https://sejurnal.com/pub/index.php/jpim/article/view/8286

Faizin, N., & Djayusman, R. R. (2023). The Concept of Sharia Compliance on Islamic Bank Murabaha Financing in the Maqashid Sharia Approach : A Theoretical Study. 7(1), 49–74. https://doi.org/10.21111/aliktisab.v7i1.9980

Faza, M., & Badwan, N. (2024). Compliance of Sharia Audit in Islamic Banks and Islamic Financial Institutions in Palestine: A Literature Review. Journal of Islamic Economics and Finance Studies, 5(1). https://doi.org/https://doi.org/10.47700/jiefes.v5i1.7712

Gunawan, H., et al. (2020). Audit Syariah dan Kepatuhan Substansial pada Bank Syariah: Sebuah Kajian Kritis. Jurnal Ilmiah Ekonomi Islam, 6(2), 336–345.

Haryati, & Ughits, A. (2025). PROBLEMS OF MURABAHAH FINANCING IN. I-FINANCE: a Research Journal on Islamic Finance, 11(01), 113–127. https://jurnal.radenfatah.ac.id/index.php/I-Finance/article/download/27283/8640#:~:text=Various problems arise in connection,as compensation for additional time.

Hasan, Z., Janah, F., & Laila, I. Z. (2025). Kepatuhan Syariah pada Akad Murabahah dalam Produk Pembiayaan Konsumtif: Studi Kasus Bank Muamalat Cabang Jember. Journal of Inovative & Creativity, 5(Vol. 5 No. 2 (2025)). https://doi.org/https://doi.org/10.31004/joecy.v5i2.300

Hassan, A., & Harahap, S. S. (2010). Exploring corporate social responsibility disclosure: The case of Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management.

Kelly, M., & Larres, P. (2023). Enhancing the auditor’s mindset: a framework for nurturing professional skepticism. Journal of Accounting Literature, 47(1), 222–243. https://doi.org/https://www.emerald.com/jal/article-abstract/47/1/222/1241199/Enhancing-the-auditor-s-mindset-a-framework-for?redirectedFrom=fulltext

Malik, A., Tri, M., Sugiarto, A., & Syariah, P. A. (2025). Analisis penerapan akad murabahah dalam pembiayaan konsumtif pada bank syariah. 2, 89–96. https://doi.org/https://journal.staittd.ac.id/index.php/ai/article/view/381

Marzuki, M. (2024). Aktualisasi Prinsip Keadilan Pada Akad Murabahah Dalam Menetapkan Margin. 10(01), 709–716. https://jurnal.stie-aas.ac.id/index.php/jei/article/view/11936

Misbah, Muchlis, M., & Aditiya, R. (2022). PERAN AUDIT SYARIAH DALAM PENGAWASAN PRAKTIK SHARIAH COMPLIANCE PADA LEMBAGA KEUANGAN SYARIAH. ISAFIR: Islamic Accounting and Finance Review, 3, 152–164. https://doi.org/https://doi.org/10.24252/isafir.v3i1.29823

Mohd-Zulkifli, M., Abdul-Rahman, A., & Omar, N. (2022). Internal Shariah audit effectiveness and challenges: Evidence from Islamic financial institutions. Journal of Islamic Accounting and Business Research, 13(7), 1028–1050.

Mutmainah, I., & Apriliantika, A. (2023). The mediating effect of Islamic ethical identity disclosure on financial performance. 5(1), 69–82. https://doi.org/https://doi.org/10.20885/AJIM.vol5.iss1.art5

Nabila, G., Rochayatun, S., Hafandi, F., Islam, U., Maulana, N., Ibrahim, M., & No, J. G. (2023). Competencies and Knowledge of Internal Auditor in Islamic Financial Institution: A Literature Review. EL MUHASABA: Jurnal Akuntansi (e-Journal), 14(1), 80–87.

Ni, J., & Kusumaningrum, B. (2024). Optimalisasi Pembiayaan Mudharabah Pada Bank Syariah di Indonesia. 5(3), 1501–1508. https://doi.org/https://journal-laaroiba.com/ojs/index.php/elmal/article/view/753/303

Ramdani, O., & Kamal, M. (2023). CORPORATE GOVERNANCE AND SHARIAH NONCOMPLIANCE RISK: THE CASE OF ISLAMIC BANKS IN INDONESIA. Jurnal Akuntansi dan Keuangan Islam, 11(1), 49–79. https://doi.org/https://doi.org/10.35836/jakis.v11i1.370

Respatiningsih, I., Sasmita, D., Febrina, I., Wijaya, M. R., & Sudarmanto, E. (2025). Penerapan Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) dalam Audit Syariah dan Kepercayaan Investor di Indonesia. Sanskara Akuntansi dan Keuangan, 3(Vol. 3, No.03, Mei 2025), 136–146. https://doi.org/10.58812/sak.v3.i02

Sulaiman, M., et al. (2020). Maqasid-based auditing indicators for Islamic financial institutions. International Journal of Islamic and Middle Eastern Finance and Management, 13(2), 350–368.

Yusra, A. (2024). Analisis Audit Kepatuhan Syariah Pada Produk Pembiayaan Lembaga Keuangan Syariah. Open Journal Unimal, 1(1).